Amberscript Amsterdam Raises € 8.65 Million to Transform Audio and Video into Text and Subtitles Using AI
Image credit: Amberscript
Amberscript, an AI-based speech recognition startup based in Amsterdam, announced that it had raised $ 10 million (approximately € 8.65 million) as part of its Series A funding round. company develops SaaS solutions that automatically transform audio and video into text and subtitles using speech recognition.
The capital raised will enable the company to accelerate the development of its products and to continue to deploy reliable, high-performance solutions that are easily accessible to all.
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Investor
The round was led by Endeit Capital (Parcellab, BUX), a German-Dutch venture capital firm founded by former executives of the media company Endemol.
Hubert Deitmers, Managing Partner at Endeit Capital, explains: “During my time at Endemol, I have witnessed rapid changes in the industry when it comes to ac captioning. This industry continues to accelerate today thanks to drastic advances in artificial intelligence. Amberscript’s AI captioning technology is already at the forefront of the world, and its team has the talent and ambition to become market leaders – its potential in the media industry is immense.
Endeit Capital’s investment in Amberscript is part of the company’s strategy to drive scale-ups across Europe and follows the fund of around $ 300 million (around $ 259.6 million). euros), Endeit Capital III, which closed in April.
Create text and captions from audio or video
Founded in 2017 by Peter-Paul de Leeuw, Thomas Dieste and Timo Behrens, Amberscript created a specialized AI-based text-to-speech engine to facilitate manual transcription efforts. Its SaaS software allows users to automatically transcribe audio and video to text using speech recognition.
Peter-Paul de Leeuw explains: “Our mission at Amberscript has always been clear: to provide high quality subtitles and transcriptions to make all audio files accessible. Yet with an average university producing over 50 hours of video per day, it is physically impossible to transcribe and format the volume of captions needed entirely manually. So we’ve spent the last three years hiring the best people and developing the best technology to allow us to automate and optimize this process as much as possible. Now we are ready to evolve.
Currently, Amberscript has 40 employees of over a dozen nationalities speaking over 25 languages.
The company claims to produce captions with the highest precision on the market, delivered eight times faster than traditional manual methods. The platform is used by journalists, scientists, students, doctors, lawyers and many more around the world.
As of 2018, Amberscript has counted various branches of the German and Dutch governments, universities, public television channels and companies like Disney and Puma among its clients.
Last month, the startup announced its latest innovation, AI caption formatting: the automatic in-browser transformation of transcripts (text only) to captions (text formatted as readable captions) using Amberscript’s AI to meet standards like Netflix and BBC without manual entry.
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